Bitcoin Down Sharply

Bitcoin plunged at the end of a rocky week, taking the digital currency below $12,000 U.S. and down more than 40% from its record high hit Sunday.

Bitcoin had rallied to a record high above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. But an afternoon selloff accelerated into the night, and bitcoin dropped more than 30% Friday morning to $10,770 on the exchange.

With the decline, bitcoin has now fallen 40% in just five days and lost about $7,000.